At the end of May, the sales journal of Mountain View appears as follows. Mounta

Question

At the end of May, the sales journal of Mountain View appears as follows.

Mountain View also recorded the return of defective merchandise with the following entry.

May 20 Sales returns and allowances................350 dr

Accounts receivable-- Anna Page ........................350 cr

Customer returned (worthless) merchandise

Required

1. Open an account receivable subsidiary ledger that has a t- account for each customer listed in the sale journal. Post the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account.

2. Open a general ledger that has T-accounts for accounts receivable, inventory, sales, sales returns and allowances, and cost of goods sold. Post the sales journal and any portion of the general journal entry that affects these accounts.

3. Prepare a schedule of accounts receivable and prove that its total equals the balance in the accounts receivable controlling account.

Date Account Debited Invoice Number Accounts receivable dr. sales cr. Cost of Goods Sold Dr. Inv. Cr. May6 Aaron reckers 190 3,880 3,120 May 10 Sara Reed 191 2,940 2,325 May 17 Anna Page 192 1,850 1,480 May 25 Sara Reed 193 1,340 1,075 May 31 Totals 10,010 8,000

Explanation / Answer

1.

4280

1850

Account Receivable-Aaron rackers Date Particulars Amount Date Particulars Amount May, 06 To Sales 3880 May, 31 By Balance C/d 3880 3880 3880

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